CULVER CITY, Calif.,
Feb. 25, 2020 /PRNewswire/ -- Century
Housing was awarded a Capital Magnet Fund grant in the amount of
$4.7 million from the CDFI Fund
administered by the US Treasury. This national, competitive
grant will allow Century to finance additional critically needed
affordable housing throughout the State
of California. Of the 38 awardees, 23 are Community
Development Financial Institutions (CDFIs) and 15 are non-profit
housing organizations. The awardees were selected after a
merit-based competitive review of applications submitted from a
total of 113 organizations requesting more than $522 million from the Capital Magnet Fund for the
FY 2019 round.
The awards will support financing for the preservation,
rehabilitation, development or purchase of affordable housing for
low-income communities; as well as related economic development and
community service facilities such as day care centers, workforce
development centers and health care clinics. The awardees are
required to leverage their awards with other private and public
investment by at least 10 to 1, guaranteeing that a minimum of
$1.3 billion will be invested in
eligible projects across the United
States.
"With the current housing crisis, this could not have come at a
more opportune time to support underserved communities throughout
the State of California," said
Century's President & CEO, Ronald
Griffith.
More than 1 in 5 households statewide face severe housing cost
burdens, spending more than half of their income toward housing
expenses. This burden leaves little income for other major
necessities such as medical care, food and transportation – vital
services that are often not easily available in low-income
communities. The Capital Magnet Fund was created to stimulate
investment in affordable housing and related economic development
efforts that serve low-income families and low-income communities
across the country.
Abut Century- Century Housing Corporation is a
mission-driven Community Development Financial Institution (CDFI)
supporting quality affordable home development throughout
California. With offices in
Culver City, Long Beach and San
Francisco, Century provides innovative end-to-end financing
for affordable housing from predevelopment to permanent loans.
https://century.org/about/
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content:http://www.prnewswire.com/news-releases/century-housing-awarded-4-7-million-grant-for-affordable-housing-from-the-us-treasurys-community-development-financial-institutions-fund-301011321.html
SOURCE Century Housing